The shipbuilding company said that the order entails designing and construction of six new generation diesel electric 3800 DWT general cargo vessel. The contract is signed with an option for additional 8 vessels, it added.

The project stood at an approximate cost of Rs 580 crore. The first vessel will be delivered by December 2024 and thereafter deliveries will be completed within March 2026, the company stated.

The “Future proof Dry Cargo Vessel” designed by Conoship International, Netherlands shall be constructed as an environmental friendly diesel electric vessel ready for installation of wind foil units and battery hybrid systems. These vessels are intended for the transport of general cargo at inland as well as coastal waters of Europe.

Wilson Ship management AS, a company headquartered in Bergen, Norway is the largest short sea fleet in Europe and transports about 15 million tonnes dry cargo across Europe. Wilson Ship management AS, has a fleet of around 130 vessels ranging from 1500 to 8500 DWT. Udupi Cochin Shipyard Limited (UCSL) is also active in the markets for harbour tugs, offshore and fishing vessel segments.

Chairman & Managing Director of Cochin Shipyard (CSL), who is also the Chairman of UCSL, “This partnership aligns with our core values of sustainability and innovation, and we are excited to contribute to the development of more eco-friendly transportation solutions.”

Cochin Shipyard is engaged in shipbuilding & ship repair. As on 31 March 2023, the Government of India held 72.86% in the company.

The company's consolidated net profit slumped 85.7% to Rs 39.34 crore in Q4 FY23 from Rs 274.62 crore recorded in Q4 FY22. Revenue from operations dropped 50.5% year on year to Rs 600.09 crore in the quarter ended 31 March 2023.